In a move that underscores MicroStrategy's unwavering commitment to Bitcoin, the software company has added 5,445 more BTC to its corporate treasury.
The latest acquisition, made on September 24, 2023, comes at an average price of approximately $27,053 per Bitcoin, amounting to an investment of $147.3 million.
This purchase brings MicroStrategy's total Bitcoin holdings to a staggering 158,245 BTC, acquired at an average price of around $29,582 per Bitcoin, equivalent to approximately $4.68 billion.
MicroStrategy's CEO, Michael Saylor, has been an outspoken advocate for Bitcoin, touting it as digital gold and emphasizing its role as a strategic treasury reserve asset. This latest acquisition further cements MicroStrategy's position as one of the most prominent institutional investors in Bitcoin.
The move comes as no surprise to those following MicroStrategy's journey in the world of cryptocurrencies. The company first ventured into Bitcoin investments in August 2020 when it made its initial purchase. Since then, it has continued to accumulate Bitcoin, even using debt to finance some of its acquisitions.
All the while, Saylor has continued to assert that Bitcoin is "underestimated" compared to other crypto market opportunities, as this video from Bitcoin Historian Pete Rizzo shows. Saylor has repeatedly said that altcoins are overvalued and should be sold.
With the growing recognition of Bitcoin's value as a store of value and a potential hedge against economic uncertainty, it remains to be seen whether more institutions will follow in MicroStrategy's footsteps.
Source: Bitcoin Magazine - Bitcoin News, Articles and Expert Insights